FTSE Russell has added Wema Bank Plc and nine other mid-capitalised Nigerian companies to its FTSE Frontier Index Series, following Nigeria's reclassification from 'Unclassified' to 'Frontier Market' status. The other companies include Access Holdings Plc, Dangote Sugar Refinery Plc, FCMB Group Plc, Fidelity Bank Plc, Guinness Nigeria Plc, Oando Plc, Okomu Oil Palm Plc, Unilever Nigeria Plc, and United Bank for Africa Plc. Nigeria is set to return to Frontier Market status on September 21, 2026, after a three-year absence from the global index provider's classification. The listed companies have seen a rally on the Nigerian Exchange Limited, driven by impressive corporate earnings.
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